Biden is not taxing the rich. He promised to tax the rich – the actual rich. He is taxing the middle My truck is my home shirt while increasing corporate taxes. People who’s worth is in the billions will see very little change. Those who have estates and LLC will see a hike – so all the hard work your family did for you will be stripped.Tell me this? Why couldnt you just raise the damn minimum wage? I don’t care about 7% difference in Corp taxes. I care if the lower class can afford food.If we need to pay for our stimulus why not return some military equipment? I hear one of ICBM is a handful of millions of dollars.
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In the universe where we pay attention to inflation and My truck is my home shirt of living. Our poverty class is somewhere around $14k. A $7.25 min wage you are looking at $15k annually. At $15 an hour you are looking at a $31k annually with a poverty line of $29k-30k. Instead thinking about what the old version of poverty, lower, middle, and upper is considered we need to look at what the realistic terms are now. A family with two kids making $150k seems like a lot, but in reality that is not a lot when you add owning your home, food, gas, internet, smartphone, so on and so on. And unless we want to continue to subsidize this for every person then we need to rethink what the boundaries are. Unfortunately, as I type this eating, my food bank food, it is sometimes hard to see the difference between 400k and 400million, let alone 400 billion. But it is a lot more than we think it is because at I certain point, we move from income to worth and that requires new rules.The math here basically checks out. Assuming California Income Tax and a standard deduction, at 425,000$ income, they would be paying 177k in income/payroll tax (or ~41% of total income). It’s a little bit more, if you account for the employer portion of payroll tax.Beyond the question of whether they should pay more in taxes: There is a certain level of taxation beyond which upper middle class individuals will start exploiting tax loopholes in like manner to the uber-rich (eg as seen in the Panama papers). It’s unclear to me how much further we can go before this happens, with net taxation income starting to level off in response to higher marginal rates.